Chile’s $1.7 Billion Debt Offering

Cleary Gottlieb represented BofA Securities Inc., HSBC Securities (USA) Inc., J.P. Morgan Securities LLC, and SG Americas Securities LLC, as underwriters, in the Republic of Chile’s (Chile) SEC-registered offering of $1.7 billion 4.85% dollar-denominated notes due 2029.

The offering of the notes launched and priced on January 17, 2024, and closed on January 22, 2024.

Chile intends to invest an amount equal to the net proceeds from the sale of the notes to fund budgetary programs that qualify as “eligible social expenditures” under its sustainable bond framework, which includes expenditures in one or more of the following categories: support for the elderly or people with special needs in vulnerable situation, support for low-income families, support for human rights victims, support for the community through job creation, access to affordable housing, access to education, food security, access to essential health services, and social programs designed to prevent and/or alleviate unemployment derived from socioeconomic crises.